January 26, 2024 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of three units in Salem, Massachusetts. Horvath & Tremblay represented the buyer to close the property at a sale price of $1,050,000.
The multi-family investment properties are located at 4 Dearborn Street in Salem, Massachusetts. The multi-family Property is comprised of a three-story multi-family property that contains a total of three (3), 2-Bedroom/1-Bathroom units with 4,114 square feet of total gross area on a combined 0.15-acres of land. The Property also features on-site parking for six (6) vehicles and a detached garage with (4) bays. The units are separately metered for utilities and feature a mix of oil and gas fired heating systems. Rents at the Property are below market providing the opportunity to add value by bringing in-place rents to market rates. The Property is well-located in the northern portion of Salem’s Downtown. Positioned along Dearborn Street, the Property is less than 100 feet from North Street (MA Route 114) and enjoys convenient access to Bridge Street, one of the area’s primary commercial corridors, as well as the center of Downtown Salem, Salem Harbor, Salem Hospital, and area schools. The location is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities. The Property enjoys convenient access to Interstate 95, the Yankee Division Highway, US Route 1 and MA Routes 107 and 114. MBTA bus route 435 stops near the Property, providing convenient local access throughout the North Shore. Commuter Rail Service to Boston is available 0.4-miles from the Property at the Salem Train & Bus Station. Salem is located 15 miles along the north shore from Downtown Boston, a major draw for many of the city’s residents.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.